Swiss Market Ends Weak As Geopolitical Tensions Weigh
(RTTNews) - The Switzerland market ended weak on Monday, in line with markets across Europe, as worries about escalating Middle East tensions offset easing concerns about Fed interest rates. Also, a lack of positive triggers from the home front forced investors to tread cautiously.
Crude oil futures moved sharply higher amid indications Iran has ruled out talks with the U.S. to extend a 60-day ceasefire that expires today.
"We did not start any negotiations at all, and the U.S. violated the understanding from the very beginning; therefore, the 60-day issue is not relevant," Iran Foreign Ministry spokesman Esmail Baghaei said, according to state news agency Tasnim.
The benchmark SMI ended down by 88.28 points or 0.61% at 14,302.39
Richemont shed 3.1%. Alcon, Nestle and Givaudan lost about 3%, 2.8% and 2.7%, respectively. Galderma Group closed down by 2.2%.
Straumann Holding, Geberit, Amrize, Logitech International, Partners Group, Sika and SGS lost 1%-2%.
Swisscom ended nearly 1% down. Schindler Ps, Sonova, Lindt & Spruengli and Holcim also closed weak.
Sandoz Group climbed 2.6% and Kuehne + Nagel gained about 1.2%. Novartis, Swiss Re and Lonza Group advanced 0.7%-0.8%.
